Polkadot parachain breakout battle, who is the dark horse?
After the DeFi boom, Polkadot is the next hot spot.
Imagine that following the prosperity of Ethereum DeFi and BSC and others greatly improving the throughput of public chains, heterogeneous multi-chain networks represented by Kusama and Polkadot are about to enter the stage. The flow of assets and protocol calls between chains will become more frequent, and the relationship between ecologies will become more integrated.
Therefore, Polkadot and Kusama have gained a lot of attention. At present, Polkadot's leading network Kusama has entered the first round of slot auction stage. Polkadot.js information shows that 12 projects have participated in crowd lending and bidding. As of writing, more than 750,000 KSM (worth more than 150 million US dollars) have been pledged to participate in crowd lending. The heat is evident.
At 15:00 on June 22, the Beep Roundtable event "Polkadot Parachain Breakout Battle, Who Is the Dark Horse?" hosted by Beep News? 》Invited Crust market representative Youan, SubGame promoter & CEO Wang Qingjin, and Linear Finance co-founder Dreg Ng to discuss the development of Polkadot/Kusama and find ecological dark horses. The following is the record of the round table:
Moderator: Hello everyone, welcome to today’s Beep Roundtable event. This event is hosted by Beep News, with strategic support from Lianwen, Mars, Cointelegraph Chinese, Jinse Finance, and Interstellar Vision.
Today's theme is the Polkadot parachain breakout battle. We have invited 3 guests, namely Crust market representative Youan, SubGame founder and CEO Wang Qingjin, and Linear Finance co-founder Drey Ng. Welcome~ First of all, please do it Self introduction.
Youan, Marketing Representative of Crust Network: I am Youan, and it is a great honor to represent Crust Network to attend this event today~ I hope that through today's dialogue, you can get a better understanding of us.
SubGame CEO Greg: Hello everyone, I am the CEO of SubGame. I am from Taiwan. I have 3 years of experience in blockchain application management. I have served as the customer success manager of a decentralized exchange and the managing director of BitAsset. I have led the team to participate in some Dapps , Decentralization includes the planning of centralized exchange products.
I have accumulated more than 100 blockchain lectures at home and abroad, and served as a product consultant for the Crypto Arsenal cryptocurrency quantitative trading platform, and a business consultant for the Technology Management and Blockchain Research Center of Jiaotong University.
It was also invited by Babbitt blockchain media, Consensus Lab, Jiaotong University Accelerator IAPS, colleges and universities, etc. to share, and was also interviewed by Babbitt, Coin World, Jinse Finance and other media. Through exchanges with many professionals in the circle, we have further strengthened the Polkadot track we are focusing on now.
Drey, co-founder of Linear Finance: Hello everyone, I am Drey. I am mainly responsible for product development at Linear. I have worked for Deutsche Bank and HSBC. In the industry, I am also the largest STO (Security Token Issuance) platform in Asia Liquefy Chief Product Officer, has extensive experience in creating cross-chain compatible, institutional-level financial products on mainstream blockchains including Ethereum, Quorum and NEO, focusing on processing speed, security and scalability. My experience at Liquefy also made me realize that decentralized solutions like Linear Finance are expected to solve many inconveniences in financial transactions, including liquidity restrictions and centralization obstacles.
Linear Finance is the first cross-chain compatible decentralized Delta-One asset protocol capable of creating; trading and managing synthetic assets (Liquid). Compared to other synthetic asset protocols, Linear Finance is faster; cost-effective; secure and easy to use. We achieve this goal through the fast public chain Layer-2 as a solution. Compared with existing solutions, it not only enhances scalability and cost savings, but also brings composability, making it possible for DeFi assets to realize cross-chain applications.
Moderator: First of all, the first question is that both SubGame and Crust are currently participating in the Kusama parachain slot auction and started crowd lending. What have SubGame and Crust done recently to prepare for the parachain slot auction?
SubGame CEO Greg: SubGame has been one of the first 9 parachains for the KSM card slot auction, and access to the Polkadot ecosystem has always been the most important strategic goal of SubGame.
According to the Polkadot parallel link entry steps, the Kusama card slot auction must be carried out first. After the Kusama parachain function can run stably for a period of time, the SubGame parachain function can be connected to the Polkadot relay chain (mainnet). So for the Kusama card slot auction, SubGame is imperative.
At present, the upper limit of total rewards for our card slots: 34,000,000 GSGB. The total amount of rewards is the upper limit for supporting KSM or DOT to participate in the card slot auction. The maximum annual reward is expected to be 10%. It is a reward for participating in the SubGame crowdfunding activity.
And what is Polkadot first network? It is our first parallel chain that can be connected with the Kusama relay chain, so that we can participate in the Polkadot ecosystem earlier. At the same time, we will also build the SubGame main network by ourselves, and will also create an exclusive SubGame blockchain ecology. In the future, we can use cross-chain The bridge and SGB are exchanged 1:1, allowing users to participate in the Polkadot ecology and SubGame ecology at the same time.
During the crowd loan period, the ratio of GSGB you pledge KSM to get is 1KSM: 10GSGB; and when you successfully take the card slot lease period, the ratio of GSGB you pledge KSM to get is 1KSM: 18GSGB
The card slot auction rewards will be released in a linear manner. When the auction is successful, 10% of the rewards will be released in the first period, and 5% will be released in each subsequent lease period. A total of 18 subsequent lease periods will complete the release of rewards (about 5 months), and we The reward calculation time is calculated from the crowd loan current period, and the rewards are released successively in a linear release manner during the settlement card slot lease period.
You An, Marketing Representative of Crust Network: First, I would like to give you a brief introduction to Crust.
Crust Network is a decentralized storage application developed based on the Polkadot Substrate framework, which provides an incentive layer for IPFS storage nodes.
Our team was established in 2018. After two years of development and testing, the node side was officially deployed on November 30 last year, the first phase of the test network was launched, and the layout of the node side began.
On February 4 this year, we launched the Maxwell preview network, which integrates almost all the functions of the future main network, including node mining, guarantor pledge and so on.
So far, the total capacity of Maxwell's network nodes has reached 638PB.
A work progress that we are very proud of is that on February 28, Crust officially opened the storage function, which means that now all users can use the Maxwell network to store and transfer their own files! Welcome to try our storage function~
https://wiki.crust.network/docs/en/storageUserGuide
Crust uses the parallel network Crust Shadow to conduct Kusama slot auctions, and the native token is CSM. Crust will reward KSM supporters with a total of 90,000 CRU+ 18 million CSM.
Crust has launched the Crowdloan module of Kusama apps. As of now, we have received 5218 KSM support from 475 users. This also includes user support collected by many platforms.
In addition to closely following parity in technology, we have also done a lot of market cooperation. Users can provide KSM support for Crust through a variety of platforms.
For example, centralized channels: OKEx, Math Wallet, Kraken, Hotbit
Decentralized channels: Nutbox, Newland, Atoken, Polkadot apps
We have compiled an article for your reference to provide us with ksm support methods, you can refer to it.
https://mp.weixin.qq.com/s/_anGE22j0IGjYa4vRVzMbA
Moderator: There is in-depth cooperation between Linear Finance and Polkadot ecological smart contract platform Moonbeam. What are the specific aspects of the cooperation between the two, and how to empower Moonbeam and Polkadot ecology?
Drey, co-founder of Linear Finance: As the cornerstone project of Moonbeam, Linear aims to lead the development of synthetic assets/derivatives in the Moonbeam / Polkadot DeFi landscape, complement (Composable) with many Moonbeam DeFi projects, and become Moonbeam-> Polkadot -> Cross-chain Lego cubes.
We have already put resources into the Moonbase Alpha test chain and demonstrated our results on the previous Demo Day. We are looking forward to the upcoming Kusama Moonriver.
This marks the beginning of an era - an era of "Inter-Chain" consisting of Polkadot, Moonbeam, Linear and other DeFi projects.
Moderator: Parachain projects in Polkadot's ecological landscape focus on different fields, and cross-chain interaction between different projects is very important. What attempts have SubGame and Crust made in cross-chain interaction, and what new functions do you hope to add to your project through cross-chain?
SubGame CEO Greg: Through the Bridge, we can enable assets between public chains to interact with each other. In the future, our SubGame Bridge will be able to convert between Heco, BSC, Ethereum, and Polkadot.
In the future, TokenPocket will support the SubGame public chain, and it will be the third public chain supported by Polkadot ecology after the Polkadot main chain and Kusama, which can be converted on TokenPocket in the future. It is equivalent to holding SGB, and you can go to various public chains to participate in different ecology.
Crust Network market representative Youan: In fact, as a storage public chain, Crust itself has no ecological boundaries. The best example of this is our current storage capabilities that are already available.
No matter which ecology you join, it will have no effect on users' use of our storage functions.
In addition to choosing the Polkadot ecology because we use substrate to build the chain and fancy their on-chain upgrades and governance, the most important reason is actually Polkadot’s heterogeneous ecology. The information interaction between public chains can generate many novel and fun ways to play.
To give a few examples, through Polkadot in the future, users may be able to use acala's stable currency to pay for crust storage. It can cooperate with litentry's identity authentication function to realize copyright storage in the blockchain world. It can also cooperate with bifrost to help Crust guarantors release token liquidity pledged on the Crust mainnet.
Also, as Greg just said, in the future, users may be able to interact with tokens of other public chains to pay for crust storage.
We hope to bring more practical and fun functions to users, so that more users can move towards decentralized storage through Crust!
Moderator: As a cross-chain asset protocol, Linear Finance, what thoughts and experience do you have on cross-chain?
Drey, co-founder of Linear Finance: First of all, we must understand that the TVL [locked volume] of DeFi (Coinmarketcap data is 1.15 trillion U.S. dollars) is only a fraction of the world's financial market, and the market value of the world's stocks alone reaches 100 trillion, plus Not to mention other asset classes such as bonds, derivatives, etc. So DeFi is still very early on the road to decentralization from the financial industry.
At this early stage of development, although Ethereum still dominates, this situation is slowly changing – we see that starting with BSC, many other smart contract blockchains are also developing non-stop, wave Card is one of the public chains that our team is most optimistic about.
And cross-chain is of great importance to the development of blockchain, because as just mentioned above, even if it is to put 20% of the transaction throughput of the treasury market on the blockchain, only using A public chain with L2/sharding is unrealistic.
In the long run, I think the blockchain world will be Inter-Chain. Different users will use corresponding blockchains for cross-chain transmission according to different situations. Linear’s vision is to grow together with these blockchains and bring User aggregation and intercommunication of DeFi on different chains.
Moderator: NFT has been successfully released this year. Have any projects tried in the NFT field? What is your opinion on NFT?
SubGame CEO Greg: NFT has developed from the early CryptoKitty to interesting collections to various types of digital artworks, but digital artworks are just the tip of the iceberg.
The same technology that unlocks any unique physical or digital resource, including products, services, and event access, has also driven changes in the way value is created, stored, and traded, selling $69 million of the Beeple collection at Christie's auction and $590K Nyan Cat NFT, and $2.9M Jack Dorsey's first Tweet - at the forefront of a new wave of digital ownership that will transform how businesses and individuals create, deliver and use Way.
Crust Network Marketing Representative You An: The cooperation between Crust and NFT projects mainly lies in off-chain storage and website deployment.
In addition to the NFT platform BCA from Ethereum, the NFT projects using Crust also have SNFT, Realy from BSC, and dozens of NFTs from other ecology, etc.
Drey, co-founder of Linear Finance: NFT is a particularly important realization of the concept of Web3.0 Ownership Economy. The popularity of non-homogeneity will enable more complex DeFi functions to be realized. The perpetual contract function we are developing is exactly what we want Use NFT to represent positions. Make liquidity mining a new spark in perpetual contracts.
Moderator: The last question I would like to ask the guests, what is the core competitiveness of your project, what are the important innovations in your track, and how to maximize the application value?
SubGame CEO Greg: Unlike past projects that focused on User-friendly development, we develop from a Developer-friendly perspective.
Based on the research and development of the Polkadot parallel chain, SubGame has built multiple applications through a complete technical architecture, including game-type modules, payment model interfaces, development in the communication field, data on-chain applications, cross-chain settlement and blockchain storage space, etc.
And with the relay station contract agreement as a plug-in module, it is possible to develop cross-public chain smart contracts, minimize the cost of value transfer between chains, maximize the scalability of applications, and develop more ecologically positive The application of development completes the transformation of the industry.
Crust Network Market Representative Youan: We have borrowed from the working model of the storage track giant Filecoin - to achieve decentralized storage by providing incentives for ipfs storage nodes, but we have chosen a more efficient TEE hardware proof method. This makes our project easier to implement, which is why our storage function is already available and filecoin is not.
So I think our core competitiveness lies in, as a storage application, we can really use it. Since the opening of the storage function at the end of February, we have been promoting the implementation of applications instead of over-developing miners.
Now, well-known projects such as Uniswap, Sushiswap, Compound, and MakerDAO that you frequently visit have begun to use Crust to deploy their own Dapp applications; the NFT assets you purchased may also be stored on the Crust network; you can use Decoo (Decoo. io, a Crust network-based file transfer application) to easily upload and share your files; you can also browse your favorite videos on Socbay (Socbay.io, a Crust network-based video site).
At the end of June, we will also launch a storage incentive for retail investors, hoping to let all users feel that decentralized storage can also create value!
